Two Black-owned banks merge to expand capital in underserved communities

Optus Financial Corporation, based in Columbia, South Carolina, is the parent company of Optus Bank. M&F Bancorp, Inc. is the parent company of M&F Bank. According to the terms of the agreement, MFBP will merge with and into Optus, and M&F Bank will merge with and into Optus Bank. The merger comes at a time when Optus Bank is preparing to celebrate 105 years of Banking on Communities in October. “M&F Bank has a proud legacy of supporting entrepreneurship, fostering generational wealth, and expanding access to capital in underserved communities.